Idan Ofer increases stake in Atletico Madrid to 32%

The Israeli businessman is buying a 17% stake in the Spanish soccer club for a reported €50 million.

Israeli businessman Idan Ofer has bought an additional 17% stake in Spanish soccer team Atlético Madrid for an undisclosed sum through his Quantum Pacific Group, the club has announced. Ofer is buying the stake from China's Dalian Wanda Group for an estimated €50 million according to Spanish website "El Confidencial."

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When the deal is completed, the Israeli will hold a 32% stake in the club, having bought a 15% stake last November. Atlético Madrid CEO Miguel Ángel Gil Marín and president, Enrique Cerezo remain Atlético’s majority shareholders.

Atlético Madrid are one of Europe's top teams and have twice reached the final of the Uefa Champions League in recent seasons in 2013/2014 and 2015/2016 - both times losing to cross city rivals Real Madrid. Atlético Madrid have won Spain's La Liga title ten times including most recently in 2013/2014 and they are always the team most likely to break Real Madrid and Barcelona's stranglehold on the Spanish league.